[h=1]IRAS COLLECTS RECORD $41.6 BILLION IN TAXES LAST FINANCIAL YEAR[/h]
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26 Aug 2014 - 9:58am
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According to the latest annual report from the Inland Revenue Authority of Singapore (IRAS), it collected a record $41.6 billion in taxes in Financial year 2013/14, a 0.5% increase from the year before.
Part of the reason for this was due to the record low in tax arrears this year at just 0.77% of total net assessed tax.
For individuals, 95.6% of people filed their taxes on time compared to 94% last year. Similarly for companies, on time tax returns increased to 82.5% from 80.9% the year before.
IRAS indicated that they believed the improvements were also thanks to their efforts to simplify the process such as through the expansion of the No-Filing System.
The areas where tax collection increased include through GST, property taxes, levies on consumption and the “sin” taxes on gambling, alcohol and cigarettes, which were announced in the last budget.
There were also still areas where tax collection fell, including corporate income tax, individual income tax and withholding tax.
Despite the fall, corporate tax remains one of the largest revenue streams for the IRAS, with $12.7 billion collected last year. After that, GST was next highest with $9.5 billion.
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Other interesting point from the IRAS annual report include that there are now more millionaires.
4,231 people had assessable incomes of more than $1 million last year, up from 4,220 the year before.
Theses people contributed $1.48 billion in taxes between them.
IRAS explained that it continues to find those who don’t comply and fines them or recovers outstanding taxes. It is also continuing its efforts to make voluntary compliance easier.
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26 Aug 2014 - 9:58am
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According to the latest annual report from the Inland Revenue Authority of Singapore (IRAS), it collected a record $41.6 billion in taxes in Financial year 2013/14, a 0.5% increase from the year before.
Part of the reason for this was due to the record low in tax arrears this year at just 0.77% of total net assessed tax.
For individuals, 95.6% of people filed their taxes on time compared to 94% last year. Similarly for companies, on time tax returns increased to 82.5% from 80.9% the year before.
IRAS indicated that they believed the improvements were also thanks to their efforts to simplify the process such as through the expansion of the No-Filing System.
The areas where tax collection increased include through GST, property taxes, levies on consumption and the “sin” taxes on gambling, alcohol and cigarettes, which were announced in the last budget.
There were also still areas where tax collection fell, including corporate income tax, individual income tax and withholding tax.
Despite the fall, corporate tax remains one of the largest revenue streams for the IRAS, with $12.7 billion collected last year. After that, GST was next highest with $9.5 billion.
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Other interesting point from the IRAS annual report include that there are now more millionaires.
4,231 people had assessable incomes of more than $1 million last year, up from 4,220 the year before.
Theses people contributed $1.48 billion in taxes between them.
IRAS explained that it continues to find those who don’t comply and fines them or recovers outstanding taxes. It is also continuing its efforts to make voluntary compliance easier.
